The G-20 summit began on Thursday to host South Korea in a defeat that could be a symbol for the meeting of Heads of State and Government of the 20 leading industrial and emerging countries. The bilateral negotiations with the United States in 2007 on the ratification of the adopted free-trade zone for the time being burst. They are to be continued next year.
Also on the main forum of the world, there seems to be more difficult on a new, coordinated growth strategy for the world to rooms. Instead, argue the G-20 on the management trade imbalances and exchange rates. The discussions leading to the summit had already been carried out so hot that they had the doors to open, quipped a South Korean negotiator.
ensure smooth and especially the economic policies of the U.S. and the harsh demands of U.S. Treasury Secretary Timothy Geithner on the restriction of trade imbalances. The U.S. central bank had recently announced plans to pump through the purchase of U.S. Treasury bonds 600 billion freshly printed dollars into the economy. At the same time had Geithner binding targets for surpluses or deficits required in current accounts of the countries.
executed as U.S. President Barack Obama in a letter to the G-20, the U.S. expect from countries with large surpluses as Germany, China and Japan to increase their imports and to reduce exports in order to reduce the dependence of the world by the United States as a market. "If all nations to contribute their part - the distinguished no less than developed, with the surplus as a deficit - then we will all benefit from higher growth," said Obama.
German Chancellor Angela Merkel gave Obama at the top of the corporate bosses a strong repudiation. Politically set target ranges were "justified either economically or politically appropriate" and contrary to the free global trade, she said.
Other countries take the U.S. in turn reveal it to weaken the dollar glut to target the dollar, fueling the massive export of capital to asset bubbles, such as currency crises in emerging markets.
Also on Obama went 80-minute meeting with Chinese President Hu Jintao is "mostly" to exchange rates, said Robert Gibbs, spokesman for the White House. The United States called on China to let yuan rise, the national currency in order to reduce China's current account surplus with the United States. Hu reiterated yesterday publicly that he wanted to do this but only gradually and slowly.
China's credit rating agency had also allowed the tip this week to downgrade the credit of the United States. Obama was impelled in the face of criticism, to justify himself at a press conference: "The most important is that the United States can do for the world economy is growing. "
Many export-oriented countries and are mainly global companies concerned, therefore, that the tendency for currency wars and protectionism could the world continue to increase, if there would be no progress on important issues. In addition to the monetary and trade policies are still the global economy with concrete policy recommendations for countries, including the rehabilitation of the national budget on the agenda.
Developed countries have promised to halve its budget deficits by 2013. Indian Prime Minister Manmohan Singh wants to remind the G-20 on Friday in his speech on it. But experts are already wondering how the U.S. can promise you, given the huge deficit of 1,300 billion holding dollars.
expected given that mood observers on the ground so that only simple issues such as new guidelines on bank regulation (Basel III) or the reform of the International Monetary Fund, China has more power waved through, be. Chances of resolving the disputes hardly see it. "It is very difficult to find compromises," says in South Korea, Peter Wahl, Founder and Advisory Board of the civil rights group Attac Germany.
0 comments:
Post a Comment